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AUD/USD Outlook Mired Ahead of RBA as RSI Divergence Takes Shape
AUD/USD trades near the 2020 high (0.7227) ahead of the Reserve Bank of Australia (RBA) interest rate decision, and more of the same from the central bank may keep the exchange rate afloat as the crowding behavior in the US Dollar persists. AUD/USD may show a limited reaction to the RBA as the central bank appears to be on track to keep the official cash rate (OCR) at the record low of 0.25%, and the central bank may stick to the same script as Treasurer Josh Frydenberg extends fiscal stimulus programs like the Jobkeeper Payment for six-months. In turn, the RBA may retain the current policy throughout the remainder ... (full story)